The Benefits of Leasing Community Apartments Over Home Ownership

There are several benefits to leasing community apartments as opposed to taking out a mortgage and buying a home, or even renting a larger property. For years Americans have assumed that owning real estate was a foolproof investment that would continue to generate financial returns. Now there are many people going through foreclosure or who have already been kicked out of their homes. The cost of their down payment alone could have been enough money for one or more years or emergency funds.

Renting or leasing frees the resident from many expenses associated with home ownership. Once you purchase a home, you are solely responsible for its maintenance and upkeep, and anything that is left to deteriorate will just drag down the overall value and cause greater problems in the future. Ignoring or putting off repairing a small crack in a window or a leaky pipe can result in a disaster. All of these repairs are time consuming, expensive, and frustrating to deal with. Contrast the ownership experience with that of renters in community apartments. Repairs and maintenance are included in their monthly fees. If something breaks, the maintenance man will be in within a few hours to fix it at no charge. Do the gardens need watering? Someone else is paid to do that.

Security cameras, concierge, pool, and gym—how much would it cost to outfit the average home with these features? Unless you're a celebrity, you'll be lucky if you can afford a modest pool or rowing machine in the basement. At community apartments, all of these are supplied to residents to freely use. If you're normally a gym rat, this can greatly cut down on your monthly membership fees. Concierge services are also useful for the busy individual. And of course, who wouldn't feel safe with state of the art security cameras installed?

One of the biggest benefits to renting community apartments over purchasing a home is affordability. Sure, you may be able to afford that home, but how does it compare to living in a luxury building with all new appliances and a prime view? That being said, the smaller space will not be agreeable to all residents. Larger families or those with big pets will be better candidates for homes. Singles and couples, however, can save money and live a very comfortable life in comparison to the work required for a traditional mortgage.

Where do you see in yourself in 30, 15, or 5 years? Is it in the same house? If so, then buying would be a better option. But if you haven't settled on staying in the same place, leasing is the solution. The longest you'll be tied to any one place is a year, and even that can be negotiable. Community apartments suit people who get restless easily or who are planning future career changes. Sometimes, temporariness can be a good thing, and nothing is quite as freeing as being able to pack up a suitcase and leave without any questions being asked.